Gov. Brad Little announced the State of Idaho is seeking responses from small, non-farm businesses across Idaho whose operations and ability to conduct business have been disrupted by the 2019 novel coronavirus (COVID-19).
The information received will determine whether impacted businesses will be eligible for disaster assistance in the form of low interest loans from the U.S. Small Business Administration (SBA) though Economic Injury Disaster Loan assistance.
Coronavirus has caused disruptions in ordinary business functions and economic injury since the first confirmed case occurred in the United States in January.
The State of Idaho will need responses from small businesses to demonstrate economic injury as determined by the SBA in order to activate Economic Injury Disaster Loan assistance.
In order to respond, businesses should complete and the SBA Disaster Economic Injury Worksheet to assist with the qualification process. The worksheet can be found on the Idaho Commerce website at https://commerce.idaho.gov/
Businesses impacted coronavirus who may not apply to receive financial assistance are still encouraged to submit worksheets to document the impact on their business. This information will help Idaho businesses who do apply for an Economic Injury Disaster Loan to be more likely to receive assistance.
If approved, the assistance will be in the form of low interest, direct loans from the SBA. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. The interest rate is 3.75-percent for small businesses. The interest rate for non-profits is 2.75-percent. The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Farms and ranches are not eligible for the SBA program but may seek information from their county U.S. Department of Agriculture, Farm Service Agency representative.
For additional information, visit the SBA disaster assistance website at SBA.gov/Disaster.